As New Zealand noted in their announcement, a space agency allows countries to pursue “disruptive, innovative technologies to tackle some of our planet’s big challenges and to create new and exciting opportunities for economic growth.”

That economic growth has the potential to be massive, with the global space industry generating revenues of an estimated $US 250 billion in 2013.

The development of an NZ space agency is a no brainer for Dr Greg Bodeker, the New Zealand scientist who proposed the establishment of a Centre for Space Science Technology.

“Countries smaller than New Zealand have space programmes. In 100 years’ time, if New Zealand was not doing this, it would be like having no electricity. It would be like being in the stone ages."

Canada, a nation with only 12 million more people than Australia, is seeing significant benefits, with its space program employing almost 10,000 people, generating revenues of more than US$ 5 billion and growing six times faster than the country’s national job market.

“In Australia, pragmatism seems often to over-ride vision, to our detriment. Seeking to inspire might seem like an intangible pursuit, but it is also a powerful agent for change. It nurtures education, that generates innovation, that builds an economy. None of this just happens,” warns Professor Walter.